Power rates will go up by as much as 4 centavos per kilowatthour next year.
This was announced by Energy Regulatory Commission (ERC) Executive Director Saturnino Juan after the ERC approved the feed-in-tariff allowance or “fit-all” for renewable energy projects.
The so-called fit-all is given to renewable energy players as incentive to invest in more expensive sectors.
The renewable energy players are solar, wind, biomass and hydropower companies.
Under the “fit-all” system, renewable energy companies had to follow these fit rates: P9.68 per kwh for solar power; P8.53 per kwh for wind power; and P5.90 per kwh for hydro-electric power.
